Orange Shares Drop 2.5%, Bottom of the CAC 40 Alongside TotalEnergies

Orange Among the Biggest Declines in the CAC 40 Following an Announcement on Its Hybrid Bonds

Orange shares fell 2.38% to €17.41 at midday, ranking among the biggest declines in the CAC 40 while the index itself gained nearly 1%. Only TotalEnergies performed worse, weighed down by the drop in Brent following the ceasefire agreement between Washington and Tehran. The stock pays the price for contrasting with a Paris market driven by cyclical stocks (Stellantis, Saint-Gobain, Safran, Renault), which are less correlated with the defensive trajectory of the operator.

The group also announced on Monday its intention to issue a new tranche of super-subordinated perpetual bonds, coupled with the launch of a tender offer for some of its existing hybrid bonds. The operation aims to actively restructure the group's portfolio of hybrid instruments. Despite today's decline, the annual performance still stands at over 36%.

Breaking the €17.44 Support During the Session, Paving the Way for a Test of the MM200

Today's decline is accompanied by an unfavorable technical signal: the stock broke its support at €17.44 during the session and remains below, at €17.41. The short-term configuration deteriorates, with the price now below the MM20 (€18.00) and MM50 (€17.91), respectively at -3.28% and -2.79%. The RSI at 49 remains neutral, which leaves room before reaching an oversold zone.

The medium-term trend remains constructive, however, with the price 11.10% above its MM200 at €15.67. The next lower milestone to watch is towards the 200-day moving average, after a consolidation that brings the stock 6% below its levels from a month ago.